November 2021: The pandemic has had an effect on millions of people. Various lockdown restrictions have left many South Africans scrambling to make ends meet and looking for new ways of generating income to support families or just survive.
While uncertainty, volatility and an ever-fluctuating Rand dollar exchange rate may be great for experts who trade on the financial markets, they’re disastrous for other businesses and individuals concerned about their financial wellbeing.
Here’s the good news
Fortunately, there is a way to earn extra income without breaking the bank – in fact, there’s no financial investment needed, just a bit of time and focus. You can adapt to an ever-changing economy is to start your own Introducing Business or “IB”.
In a nutshell, an IB uses their network to refer people to a financial trading broker and earns commission every time someone in their network trades – forever. The person who is referred can make money through stock trading or forex trading and the referrer makes commission off that money. So, the more people an IB refers and the more those people trade, the more the IB will earn.
It’s all about who you know and how you connect with people. Here are three ways you can use referrals to mitigate the effects of lockdown on your income.
Use your website
No matter what you do for a living, you can use your existing business connections and resources as leverage to generate referral income. If you have a website, you can earn by simply putting a banner up somewhere on your page.
Anyone who clicks on the banner and signs up to trade can then generate ongoing passive income for you. Doing this is essentially the same as monetising a blog, in that, the more clicks you generate, the more you’ll make.
The primary difference between referral to a broker and monetising, though, is that as a referrer, you get paid on an ongoing basis, not just once off.
Use your social media pages
Social media was booming before lockdown. Now, following COVID-19 social distancing measures, it’s even bigger. People who weren’t that interested in using social media before have suddenly started engaging out of necessity, and for those staying at home, more hours every day are spent browsing Facebook, Instagram, Twitter, Tiktok and more.
Social media influencers have more power than politicians when it comes to thought leadership. This makes the online social environment ideal for referrals. Whether you have 200 followers/friends on your social media channel of choice or one million, referrals cost you nothing. Why not use your network to potentially make some extra money?
Talk to your family and friends
Understandably, many are reluctant to introduce family or friends to business opportunities that could be too good to be true. These are people whose trust is important, and we don’t want to damage that by suggesting that they invest in something that isn’t above board.
With trading referrals, it is entirely up to the person trading how much they choose to invest. And their money is never in the hands of any third party who could potentially run away with it. They control their own outcomes by “playing” the markets.
As an IB, you are potentially offering the network of people you refer an opportunity to learn how to trade. This is a skill that they can use for their own good, and a reputable trader will always ensure that they trade responsibly.
So, with a broker referral (provided you have done your research and the broker is reputable), you can rest assured that you are not involved in a pyramid scheme or a scam. Trading is a legitimate income-generation tool, and so is referral.
“There is no try. There is only do.” ― John Green, The Fault in Our Stars
This is a strange and tumultuous time for millions of people who feel trapped in a cycle of financial insecurity and uncertainty. But if history has taught us anything about the nature of humanity, it is that we are resilient and resourceful. Opportunity does exist, even in darker times. All we need to do is try and we will find it.
CMTrading offers forex professionals, educators, social media influencers and fund managers several opportunities to make an income through referrals; and provides a safe, regulated trading environment for both inexperienced and established traders.
“Build your dreams, or someone else will hire you to build theirs” – Farrah Gray, businessperson.
- This article was published in partnership with CMtrading Partners